More recently, he was the chief executive of a SPAC called HD Partners Acquisition Corp.

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Another noteworthy structure is the special-purpose acquisition company (SPAC) which may be a key component of the next evolution.

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Once the SPAC has found an appropriate startup, it makes a bid to acquire it using its pile of cash.

FORBES: SPAC My Pitch Up

The SPAC executives may or may not continue on with the consolidated company, depending on what the situation calls for.

FORBES: SPAC My Pitch Up

Even Hicks himself just decreased the value of his SPAC by 25%.

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Combining with a SPAC can be a perfect way to get both.

FORBES: SPAC My Pitch Up

Silicon Valley periodically rediscovers the SPAC, or Special Purpose Acquisition Corporation, when the overall stock market is healthy but startups are having trouble going public.

FORBES: SPAC My Pitch Up